Machinery and Equipment Takaful

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Benefits of a Machinery and Equipment Takaful plan

Should incidents like fire and/or lightning, theft that is accompanied by forcible and violent entry or exit, or accidental damage befall your property, you will be compensated under our Machinery and Equipment Takaful plan.

Accidental damage covers aircraft damage, explosion, impact damage, water damage, bush/lalang fire and damage caused by fallen trees. This coverage can be extended to cover other perils such as riot strike and malicious damage, sprinkler leakage, earthquake and volcanic eruption, storm, tempest, flood, subsidence and landslip, spontaneous combustion, electrical installation et cetera.

How will your contribution be allocated?

An upfront wakalah fee will be deducted from your annual contribution. The wakalah fee goes into the Operator's fund to cover operating costs. The balance of your annual contribution will go into a pooled Risk Fund. This Risk Fund will be used to pay out all benefits to its participants in the event of losses/damages.

Contributions received will be invested in conformity with the principles of Shariah.

Exclusions to the coverage

No benefit shall be paid if losses or damages are caused by wear and tear, rust, depreciation, process of cleaning, repairing, restoring or renovating, mechanical or electrical defects or breakdown, scratching, denting or breakage of glass/lenses unless it is caused by burglars, thieves and/or fire, war, radioactive contamination, acts of terrorism and other specified events.

Note:

• This leaflet is merely for brief information and is not intended to be the basis of a Takaful contract. The information contained in this leaflet may change without prior notice. The precise benefits, terms and conditions and other details of coverage are set out in the Takaful Certificate.